Drake

Drake Exchange is a decentralized perpetual exchange on the Monad network. It combines elements of centralized exchanges (CEX) and decentralized finance (DeFi) using a model that integrates a full limit order book with a pricing, matching, and order routing engine that operates entirely on the blockchain.

Seed Round: $1M

Whitepaper

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What is Drake

Drake is a fully on-chain perpetual exchange launching on Monad, built by a team with nearly a decade of experience in high-frequency trading, market making, and arbitrage. Drake delivers the seamless performance traders expect from centralized platforms combined with the transparency and composability of DeFi.

Drake implements perpetual futures contracts (perpetual swaps) that track underlying asset prices without expiration dates. Key characteristics:

• Leverage Trading: Open positions larger than your collateral through leverage up to 50x (configurable per position)
• Funding Payments: Periodic payments between longs and shorts that keep perpetual prices anchored to spot prices
• Mark Price: Oracle-based fair value used for margin calculations and liquidations (protects against manipulation)
• Borrowing Fees: Continuous interest charged on leveraged positions that scales with vault utilization

Drake will operate as Monad's clearinghouse infrastructure, providing composable liquidity, efficient settlement, and liquidity aggregation. The protocol uses deterministic, gas-bounded operations optimized for Monad's high-throughput environment.

All operations execute fully onchain with verifiable settlements. Smart contracts handle order matching, position tracking, margin calculations, and liquidations without off-chain dependencies.